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This site provides extensive information about the ranges of Edmond de Rothschild Group funds. In particular, it provides simplified access to key fund-related data (performance, net asset values, features) and their commercial or legal documents.

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Investment objective

The sub-fund seeks to deliver a steady performance over the medium term through an active selection of convertibles bonds through all international markets. The sub-fund will hold at least 50% of its assets in Investment Grade issues and will maintain important geographical diversification. The management focuses mainly on hybrid issues.

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Commentary 31/10/2018

October was marked by a strong correction in global equity markets (MSCI World TR -6.80% ) and credit spreads widening (Xover +25 bps). This risk aversion move across asset classes could be attributed to rising US Treasuries yields that touched 3.23%, continued trade tension and concerns over global growth slowdown. Up move in the US rates was triggered by positive US data and hawkish comments by Jerome Powell. It is also interesting to note that US real interest rates rose sharply while inflation break even decreased which clearly shows a tightening of financial conditions. The second half of the month saw not so stellar Q3 earnings season, for example half of Eurostoxx 600 companies have already reported and 37 of them announced profit warnings, which is higher than the five year average. 82% of S&P500 companies beat EPS estimates, with EPS growth running at 23% y/y, and surprising positively by 7%, however the forward guidance has been indicating 2018 may mark the top for corporate earnings growth. Rising raw material costs are still the most cited negative factor by companies, followed by trade war and tariffs. In this context tech has underperformed with NASDAQ down -9.20% on the month. As for the safe heavens, the Bund yield was down 8 bps and yen appreciated from YTD high 114.5 level vs the dollar. October is usually a very quiet month for convertible global issuance amid earnings blackout period. We only saw 10 deals (7 in the US, 1 in Europe, 1 in Asia, 1 in Japan) for a total of 2.1 bn USD. We have participated to the new issue of JPM/Dufry, tendering the old bond like CBs. We took some profits on Severstal 2022 with good stock performance. In the semis space, we added more exposure on the severe pullback in the names like Teradyne and Microchip. In China we have added a convex high gamma name China Railway Construction Corporation 2021 CB, we believe the company could benefit from the infrastructure investment growth. Equally in China we took profits on Kunlun Energy 2019 CB after recent stock rally. On the options side we added new positions in LVMH, Ubisoft call options after recent stocks correction and took partial profits on our Sanofi calls.

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Change in NAV

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Net dividends reinvested Past performance and volatility does not guarantee future performance and volatility which may change over time, and can be affected by fluctuating exchange rates. Performance data does not take into account the fees and charges received when issuing and redeeming units.

Performance K-EUR

Cumulative

Annualised

–

–

–

–

–

–

-5.08 %

-3.26 %

–

–

-0.13 %

0.30 %

–

–

1.34 %

2.20 %

Since inception

47.02 %

62.10 %

4.21 %

5.31 %

Since 01/01/2018

1 year*

3 years*

5 years*

Since inception

Cumulative

Share class (K-EUR)

Benchmark

–

–

–

–

–

–

–

–

47.02 %

62.10 %

Annualised

Share class (K-EUR)

Benchmark

–

-5.08 %

-3.26 %

-0.13 %

0.30 %

1.34 %

2.20 %

4.21 %

5.31 %

*Rolling periods

Annual performance

Net dividends reinvested Past performance and volatility does not guarantee future performance and volatility which may change over time, and can be affected by fluctuating exchange rates. Performance data does not take into account the fees and charges received when issuing and redeeming units.

Statistics

Volatility

Tracking Error

Correlation coefficient

Information ratio

Sharpe ratio

Share class K-EUR

Benchmark

Share class K-EUR

Benchmark

Share class K-EUR

Benchmark

Share class K-EUR

Benchmark

Share class K-EUR

Benchmark

1 Year*

6.73 %

6.44 %

2.28 %

–

0.94 %

–

-0.39 %

–

-0.70 %

–

3 Year *

4.84 %

4.67 %

1.58 %

–

0.95 %

–

-0.04 %

–

0.09 %

–

Max. drawdown

Alpha

Beta

Share class K-EUR

Benchmark

Share class K-EUR

Benchmark

Share class K-EUR

Benchmark

1 Year*

-7.67 %

–

-0.02 %

–

0.98 %

–

3 Year *

-8.88 %

–

–

–

0.98 %

–

Max. monthly gain Since inception

5.15 %

Max. monthly loss Since inception

-8.82 %

Share class K-EUR

Benchmark

1 Year*

3 Year *

1 Year*

3 Year *

Volatility

6.73 %

4.84 %

6.44 %

4.67 %

Tracking Error

2.28 %

1.58 %

–

–

Sharpe ratio

-0.70 %

0.09 %

–

–

Alpha

-0.02 %

–

–

–

Correlation coefficient

0.94 %

0.95 %

–

–

Information ratio

-0.39 %

-0.04 %

–

–

Max. monthly loss

-8.82 %

–

Max. monthly gain

5.15 %

–

Max. drawdown

-7.67 %

-8.88 %

–

–

Beta

0.98 %

0.98 %

–

–

Past performance and volatility does not guarantee future performance and volatility which may change over time, and can be affected by fluctuating exchange rates. Performance data does not take into account the fees and charges received when issuing and redeeming units.

Fund information

Inception Date (Fund)

17/07/2009

Inception Date (Part)

17/07/2009

Legal form

SICAV

Benchmark

Thomson Reuters Global Focus Hedged (EUR) CB Index

Currency (fund)

EUR

Currency (share class)

EUR

Distribution Policy

Accumulation

Valuation frequency

Daily

Minimum initial investment

500000.00 EUR

PEA eligible

ISIN Code

LU1160354996

AuM (fund)

201 M (EUR)

Regulatory authority

CSSF

EU Regulation

UCITS

Management company

Edmond de Rothschild Asset Management (Luxembourg)

Delegated Management Company

Edmond de Rothschild Asset Management (France)

Incorporation

Luxembourg

Representative agent

Paying agent

Maximum management fee

0,700 %

Current management fee

0.700 %

Subscription and redemption conditions

Daily before 12.30 am C.E.T. on day's net asset value

Subscription fee

Redemption fee

Performance fee

Fund documentation

(1) The rating grades the funds on a scale from 1 to 7. This rating system is based on the average fluctuations of the net asset value over the past five years. It corresponds to the variation range of the portfolio upwards and downwards. If the net asset value is less than 5 years old, the rating is determined by other regulatory calculation methods. Historical data such as those used to calculate the rating may not be a reliable indication of the future risk profile. The current category is neither a guarantee nor an objective. Category 1 does not signify a risk-free investment.